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US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Daniel Dubrovsky, Strategist

US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis

  • US Dollar appears more vulnerable to ASEAN currencies
  • USD/SGD Triple Top in focus, USD/THB consolidating
  • USD/IDR wedge breakout eyed, USD/PHP losses to resume?

Singapore Dollar Technical Outlook

The US Dollar remains under pressure against the Singapore Dollar. Still, it should be noted that the uptrend since June still holds, with rising support from then maintaining the broader upside focus. A bearish Triple Top chart formation could be in the process of building as prices test the neckline around 1.3607 – 1.3631. A breakout to the downside may open the door to extending losses, placing the focus on rising support. Uptrend resumption entails a push above the 1.3693 – 1.3743 resistance zone.

USD/SGD Daily Chart

US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar continues to consolidate against the Thai Baht, with USD/THB trading around levels seen back in early August. Rising support from the beginning of this year continues to maintain a broader upside focus. Lately, the pair has been ranging between resistance (33.861 – 34.000) and support (33.526 – 33.324 inflection zone). A bullish crossover between the 20- and 50-day Simple Moving Averages (SMAs) is also underpinning an upward bias. Resuming the uptrend would expose the July 2017 high. On the other hand, a breakout under rising support has the mid-November low in focus at 32.562.

USD/THB Daily Chart

US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is increasingly vulnerable to the Indonesian Rupiah after USD/IDR confirmed a breakout under a bearish Rising Wedge chart formation. That has placed the focus on the 50-day SMA as immediate support. Clearing the latter may open the door to extending losses, exposing the 14190 – 1423 inflection range. Beyond the latter sits the October low at 14075. To the upside, immediate resistance could be the 14309 and 143553 inflection points. Above the latter is the December 6th peak at 14438.

USD/IDR Daily Chart

US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar could also be at risk to the Philippine Peso after USD/PHP broke under rising support from June. Follow-through has been somewhat lackluster, with prices leaving behind support at 49.81. Now, the pair is eyeing a potential retest of the trendline, which may play out as new resistance. Falling resistance from September may also maintain a downside focus should prices rise in the interim. Extending losses exposes the 49.54 – 49.67 support zone before the 200-day SMA may come into focus.

USD/PHP Daily Chart

US Dollar Looks Increasingly Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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